ann. out, page-11

I know INL is sailing pretty close to the wind wrt to its cash position. However, they should have known their likely cash position when they negotiated the contract.

Extracts from INL's 26/11/08 Announcement:

"The plant was originally constructed by BHP in 1989 (at a capital cost of over A$160 million) and operated until being transferred to Delta in 1998. It is estimated to have a replacement cost of up to A$500 million in today’s terms." - p1


"To date, Intec has received letters of support from seven potential project participants and feedstock suppliers, as well as expressions of interest from multiple Australian mining companies in the potential of the Intec Metals Recycling Project’s ability to unlock additional value from their intermediate product streams." - p7


Then read extracts from INL's Dec 08 quarterly Report on the IMRP.

I still think that this purchase is odds on to be completed. I will be interested to see the economics of the proposed uses for the plant and what agreements INL makes to completye the purchase.

Regards

SP